Fiscal Note
The City’s 2017 Adopted Capital Budget authorizes up to $4.72 million for the Affordable Housing Fund (Community Development Division Project No. 17110). That sum includes $4.5 million of GO Borrowing in 2017 and $220,000, reauthorized from the 2016 Adopted Capital Budget. A Resolution authorizing City financial support from the 2017 Capital budget of $3.15 million for three projects is seeking Council support on November 22, 2016 (Legistar #44932). This provides a remaining balance of up to $1.57 million for construction of Phase III of the City’s permanent supportive housing initiative for adults experiencing homelessness (also known as the Park Street project).
Title
Authorizing the Mayor and City Clerk to execute loan agreements with Heartland Housing, Inc. (and/or an affiliate legal entity) for up to $1,570,000 from the Affordable Housing Fund for the development (pre-development and construction) of approximately 63 units of permanent supportive housing for adults experiencing homelessness proposed to be developed at 1202 S. Park Street.
Body
Body
WHEREAS, funds for pre-development and construction costs associated with the development of permanent supportive housing for adults experiencing homelessness (Phase III, a/k/a the Park Street project) are authorized in the City's 2017 Adopted Capital Budget.
This Resolution authorizes an award of up to $1,570,000 (a total of up to $155,000 for pre-development and up to $1,415,000 million for development costs) to Heartland Housing, Inc., for the development of the Phase III permanent supportive housing project proposed to be developed at 1202 S. Park Street.
Background
On June 7, 2016 (RES-16-00435, Legistar # 42709), the Common Council directed the CDA to draft and issue a request for qualifications (RFQ) for development services associated with the development, operation and financing of housing for homeless adults (Phase III of the City’s permanent supportive housing initiative).
As a r...
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